太盟投資爲亞洲收購基金籌資36億美元

Shan Weijian, the former TPG executive who now leads private equity firm PAG, has raised $3.6bn for his second Asian buyout fund, joining the fundraising rush in the region.

前德州太平洋投資集團(TPG)董事總經理、現私募股權公司太盟投資集團(PAG)董事長單偉建爲他的第二支亞洲收購基金籌集到了36億美元，爲該地區的籌資熱潮又添一股推力。

The fundraising comes at a time when there are conflicting trends about the extent to which there is a credit crunch in Asia.

這筆資金籌集的時間，恰好是亞洲信貸緊縮出現相互矛盾趨勢的時候。

Many private equity firms expect banks in the region to curb lending as corporate borrowers struggle. Executives at many investment groups hope that if the banks retreat, it will leave a gap that their capital can fill.

許多私募股權公司希望該地區銀行遏制貸款，而借款企業則在爲貸款而努力。多家投資集團高管都報有這樣的希望，如果銀行退出，將留下一塊空白，而他們的資本可以補上。

However, in some parts of Asia, private equity, distressed and venture capital funds have raised such large sums that Mr Shan thinks there is too much capital trying to be invested, which could hit returns to investors.

但是在亞洲部分地區，私募股權投資、不良資產基金和風險投資基金都籌集到了龐大的數額，這讓單偉建認爲這些地區有太多資金想要投資，投資者的收益可能會受到打擊。

In recent months, Singapore-based RRJ has raised $4.5bn, and Bain Capital has raised $3bn, while Barings Private Equity raised $4bn earlier last year, joining KKR which raised $6bn.

近幾個月來，新加坡RRJ籌集到45億美元，貝恩資本(Bain Capital)籌集到30億美元，霸菱私募基金(Barings Private Equity)在去年早些時候籌集到40億美元，還有KKR籌集到60億美元。

Mr Shan’s first buyout fund, which closed with $2.5bn just over three years ago, has already returned $1.5bn of capital so far and has a gross internal rate of return of about 30 per cent.

單偉建三年前組建的第一支收購基金最終籌資25億美元，現已返還15億美元資金，內部總回報率約爲30%。

Mr Shan expects the most profitable opportunities to come from companies that cater to domestic demand from a rising middle class, particularly in China, and invest in entertainment, healthcare and financing firms as well as internet apps.

單偉建預計最盈利的機會來自一些迎合了該地區、尤其是中國的正在崛起的中產階層的需求的企業，以及對娛樂、醫療保健、融資公司以及互聯網應用的投資。

However, it is still possible to lose significant amounts of money in those sectors, with growth does not necessarily leading to profitability, given the intense competition.

不過對這些行業的投資仍可能損失慘重，由於競爭激烈，其增長不一定能帶來盈利能力。

“There is always too much capacity, competition and capital,” Mr Shan said. “The key is to identify and build businesses that have barriers to entry.”

單偉建說：“總是有太多生產力、競爭和資本。關鍵在於要識別和建立有進入壁壘的業務。”

Emerging markets, particularly in Asia and Latin America, have not had a particularly strong period in recent years, faced with everything from a downturn in commodities prices to regulatory uncertainties.

新興市場，尤其是亞洲和拉美市場，由於面臨大宗商品價格低迷以及監管方面不確定等種種問題，近年來還未出現投資特別強勁的時期。